Cleanspark (NASDAQ:CLSK) Shares Down 4.7% – Time to Sell?

Cleanspark, Inc. (NASDAQ:CLSK) fell 4.7% during mid-day trading on Friday. The stock traded as low as $13.77 and last traded at $13.5920. Approximately 2,283,645 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 22,658,719 shares. The stock had previously closed at $14.26.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CLSK shares. BTIG Research reissued a “buy” rating and set a $26.00 price objective on shares of Cleanspark in a research note on Tuesday, July 14th. Zacks Research raised Cleanspark from a “strong sell” rating to a “hold” rating in a report on Friday, July 10th. Citizens Jmp began coverage on Cleanspark in a report on Wednesday, June 24th. They issued a “market outperform” rating and a $27.00 target price for the company. B. Riley Financial increased their target price on Cleanspark from $19.00 to $26.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Finally, Chardan Capital reaffirmed a “buy” rating and set a $21.00 target price on shares of Cleanspark in a report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Cleanspark currently has an average rating of “Moderate Buy” and a consensus price target of $23.88.

Cleanspark Stock Down 2.9%

The stock has a market cap of $3.56 billion, a P/E ratio of -3.66 and a beta of 3.84. The business has a 50-day simple moving average of $13.09 and a 200-day simple moving average of $13.13. The company has a quick ratio of 2.11, a current ratio of 5.91 and a debt-to-equity ratio of 2.34.

Cleanspark (NASDAQ:CLSK) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by ($0.42). The business had revenue of $138.01 million for the quarter, compared to the consensus estimate of $142.37 million. Cleanspark had a negative return on equity of 18.63% and a negative net margin of 146.90%.The firm’s revenue was down 30.5% on a year-over-year basis. During the same quarter last year, the company earned $0.90 earnings per share. Analysts expect that Cleanspark, Inc. will post -1.4 EPS for the current year.

Insiders Place Their Bets

In related news, COO Taylor Monnig sold 25,249 shares of the company’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $13.34, for a total transaction of $336,821.66. Following the sale, the chief operating officer owned 236,114 shares in the company, valued at $3,149,760.76. This represents a 9.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 29,816 shares of company stock worth $394,352. Company insiders own 2.08% of the company’s stock.

Institutional Investors Weigh In On Cleanspark

Several institutional investors have recently made changes to their positions in CLSK. Sequoia Financial Advisors LLC purchased a new position in Cleanspark during the second quarter worth about $188,000. WINTON GROUP Ltd raised its position in shares of Cleanspark by 58.2% in the 2nd quarter. WINTON GROUP Ltd now owns 115,834 shares of the company’s stock worth $1,685,000 after acquiring an additional 42,634 shares in the last quarter. Engineers Gate Manager LP raised its stake in Cleanspark by 111.2% during the second quarter. Engineers Gate Manager LP now owns 40,697 shares of the company’s stock valued at $592,000 after buying an additional 21,426 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Cleanspark in the 2nd quarter valued at approximately $179,000. Finally, NewEdge Advisors LLC boosted its holdings in shares of Cleanspark by 53.7% during the 2nd quarter. NewEdge Advisors LLC now owns 5,215 shares of the company’s stock valued at $76,000 after acquiring an additional 1,822 shares during the last quarter. Hedge funds and other institutional investors own 43.12% of the company’s stock.

Cleanspark Company Profile

CleanSpark, Inc (NASDAQ: CLSK) is a bitcoin mining and energy technology company headquartered in Henderson, Nevada. The company owns and operates data centers that use specialized computing equipment to validate transactions on the Bitcoin network and earn bitcoin rewards.

CleanSpark focuses on developing and expanding mining infrastructure, with operations in the United States, including facilities in Georgia, Mississippi, Tennessee and Wyoming. Its activities include acquiring and deploying mining equipment, managing data-center operations and securing reliable, cost-effective power for its facilities.

The company historically developed software and energy-management solutions before shifting its primary focus toward bitcoin mining.